The goal of the Breckenridge Workforce Housing Program is to insure that affordable housing is integrated throughout the community to provide a variety of housing options for the local workforce
Workforce Housing is an issue in many communities throughout Colorado and is especially critical in resort communities. The Town of Breckenridge is taking a proactive approach to meet the needs of local employees, and is addressing the issue through a variety of tools and strategies. In 1988 the first dedicated workforce units were established in Breckenridge as a result of the Town’s newly adopted development code. The code is a combination of traditional zoning and performance zoning and incentivizes development that benefits the community such as deed restricted workforce housing. The first deed restrictions associated with these units were not very sophisticated and generally only prohibited the use of the properties for short-term rentals. As time went the deed restrictions became more sophisticated incorporated elements such as the requirement of full-time work in Summit County and Income testing. Currently there are approximately 1,000 deed restricted in Breckenridge.
WHAT IS AFFORDABLE WORKFORCE HOUSING?
Housing is affordable when the monthly payment (rent or mortgage) is equal to no more than 30% of a household’s gross income. Although there is some variation, this standard for affordability is commonly applied by federal and state housing programs, mortgage lenders and leasing agents.
THE AFFORDABILITY GAP
The housing affordability gap is the gap between the maximum mortgage that a four person household earning 100% of the area median income can afford and the median sales price of housing in Summit County at the average annual interest rate. There is a $254,498 gap between the median sales price of a single-family home and the price that is affordable for a family earning 100% of the area median income.
The Town of Breckenridge has been successful in using a variety of techniques to achieve our housing goal. By providing incentives including free density, annexation fee waivers, no plant investment fees for water service, building permit fee waivers, real estate transfer tax exemption, and positive points for other non-workforce housing projects. In addition to these tools, the town has worked in private public partnerships to develop approximately 75% of the existing deed restricted housing.
The following includes a list of the projects that serve the local community by providing workforce housing. To view a map of the locations of these projects in Breckenridge, click here.
- Blue 52 (52 'for sale' townhomes - completed 2018)
- COTO Flats (18 affordable apartments - completed 2018)
- Wellington Neighborhood & Lincoln Park (230 'for sale' homes - under construction)
- Gibson Heights (40 'for sale' homes - completed 2003)
- Vista Point (18 'for sale' homes - completed 2004)Vic's Landing (24 'for sale' condos - completed 2008)
- Valley Brook Neighborhood (41 'for sale' townhomes - completed 2012)
- Kennington Townhomes (36 'for sale' towmhomes - completed 1999)
- Monarch Townhomes (13 'for sale' townhomes - completed 2005)
- Pinewood Village (74 affordable apartments - completed 2001)
- Breckenridge Terrace (180 apartments - completed 2000)
- Maggie Placer (9 'for sale' townhomes - completed 2015)
- Pinewood II (45 low-income apartments - completed 2016)
- Huron Landing (26 affordable apartments - completed 2017
- Denison Commons (30 affordable student housing rentals - completed 2017
- Farmer's Grove (35 'for sale' homes - completed 2001)
- Moose Landing (36 affordable apartments - under construction
- BRECK365 (100-112 affordable apartments - under construction)
In addition to these neighborhoods, there are over 116 individual units dispersed in Town that are subject to deed restriction. To determine if your home is subject to a deed restriction and how that deed restriction affects the permissible use and resale price of your home, please contact Nichole Rex.